The pressure on businesses to constantly generate high revenue within a limited period of time has opened up a new avenue in outsourcing regulatory affairs and services. When these services are outsourced, BPM companies take a multi-disciplinary approach to the problem. Across various types of industries and markets, the need to provide streamlined regulatory services is on the rise.
Outsourcing regulatory affairs helps companies cover a major area of the business process that would otherwise prove to a costly and time-consuming procedure. It covers the whole gamut of services such as tangible sources and physical assets.
Laboratories, medicine, and testing equipment are dealt with under physical assets. Tangible sources such as regulatory approval, marketing new services and products, protection of intellectual property rights and more are included in this scenario.
Research conducted this year by MD+DI and ITG Market Research reports that regulatory pressures were cited by 52% of device experts as the major issue that they are likely to face in the coming five years. Hurdles faced in the regulatory scene are a major cause for concern since they can be barriers for products to reach the market.
These obstacles were classified by 49% of the respondents as “concerning” or “very concerning.” Funding Research & Development and protection of intellectual property rights were also high on the list of major issues that were cited.
Future prospects for outsourcing regulatory services
Increasing workloads and dwindling staff are some main issues being faced by companies today. In such a scenario there is the imminent danger of work slowing down and schedules not being met. To add to this, regulatory processes often hinder the smooth flow of the business process resulting in delayed returns and losses. Outsourcing regulatory affairs to BPM companies is an effective way to deal with the stumbling blocks that dogmatic processes raise in the course of business.
Companies like Arbour Group have taken fruitful steps in this direction. They have now emerged as a premier provider of regulation testing services and validation services. Arbour Group offers all regulatory services under a single roof. The whole gamut of testing and validation processes is covered under their domain.
Under their Platinum package, the complete elements of the regulatory processes are supervised. All the requirements regarding procedures, laws, and policies are maintained and complied with by means of this regulatory practice.
Outsourcing regulatory affairs and services have thrown up a whole host of opportunities for BPM companies. This market is set to expand at an unprecedented rate as more and more enterprises are setting the trend in this direction.